Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale and financing of Scottsdale on Main, a 119-unit, luxury midrise multifamily asset in Scottsdale, Arizona. The $66.1 million sales price represents $555,462 per unit.
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“Scottsdale on Main was constructed as a monument to Downtown Scottsdale’s luxury reputation, emblematic of its exclusivity, affluence, and unmatched lifestyle,” said Steve Gebing, IPA executive managing director. “The property is one of only 11 multifamily assets with 100 or more units constructed over the last 25 years in a location that benefits from the competitive shelter of future multifamily supply.” Gebing and Cliff David, IPA executive director, represented the seller, Baron Properties, and procured the buyer, Goodman Real Estate.
Located along Main Street, the building is a short walk from Scottsdale Fashion Square, the Scottsdale Waterfront, and an exclusive list of restaurants in Old Town Scottsdale. The Arts District, The 5th Avenue Shopping District, and the Entertainment District are close by as well.
Completed in 2024, Scottsdale on Main’s mid-rise, four-over-one podium construction, north-facing floor plans, and abundant amenity spaces offer unobstructed views of Camelback Mountain. The building has air-conditioned interior corridors, two elevators, and a designer-appointed leasing office with floor-to-ceiling windows. Community amenities include a resort-inspired swimming pool and a rooftop deck with a covered outdoor kitchen and lounge. Apartments have 10-to-12-foot ceilings, wine refrigerators, oversized pantries, and walk-in showers. The average unit size is 872 square feet.
